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FCELFuelCell Energy, Inc.
$29.73$1.6B
Overview & Verdict
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FCEL logoFuelCell Energy, Inc.(FCEL)Earnings, Financials & Key Ratios

FCEL•NASDAQ
$29.73
Price updated Jul 6, 2026
SectorIndustrialsIndustryElectrical EquipmentSub-IndustryHydrogen and Fuel Cell Systems
AboutFuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation. It offers SureSource1500, a 1.4-megawatt (MW) platform; SureSource 3000, a 2.8 MW platform; SureSource 4000, a 3.7 MW platform; SureSource 250, a 250- kilowatt (kW) platform; SureSource 400, a 400-kW platform; and SureSource Hydrogen, a 2.3 MW platform that is designed to produce up to 1,200 kilograms of hydrogen per day for multi-megawatt utility, microgrid, and distributed hydrogen applications, as well as on-site heat and chilling applications. It also provides SureSource Capture system that separates and concentrates carbon dioxide from the flue gases of natural gas, biomass, or coal-fired power plants, as well as industrial facilities; solid oxide fuel cell/solid oxide electrolysis cell stack technology. The company's SureSource power plants generate clean electricity, usable heat, water, and hydrogen. In addition, it provides engineering, procurement, and construction services; project financing services; and real-time monitoring and remote operation, online support system, preventative maintenance, parts and supplies, on-site and classroom training, and power plant refurbishment/recycling services, as well as technical services in the areas of plant operation and performance, and fuel processing. It serves various markets, including utilities and independent power producers, industrial and process applications, education and health care, data centers and communication, wastewater treatment, government, microgrids, food and beverage, and commercial and hospitality. The company primarily operates in the United States, South Korea, England, Germany, and Switzerland. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.Show more
  • Revenue$158M+41.0%
  • EBITDA-$81M+32.5%
  • Net Income-$188M-49.1%
  • EPS (Diluted)-7.42-1414.3%
  • Gross Margin-16.7%+47.9%
  • EBITDA Margin-51.11%+52.1%
  • Operating Margin-76.65%+44.9%
  • Net Margin-118.8%-5.7%
  • ROE-25.76%-52.1%

FCEL Price & Volume

FuelCell Energy, Inc. (FCEL) stock price & volume — 10-year historical chart

Loading chart...

Persistent Negative Margins Challenge Long-term Viability

Investment Thesis • Updated 2026Q2

VerdictNegative: The company's inability to generate positive gross margins
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Persistent negative gross margins

Key Thesis Takeaways

  • FuelCell Energy faces a precarious outlook characterized by structural gross margin deficits and a persistent inability to achieve operational profitability, as evidenced by a $77.6 million net loss in 2026Q2.
  • While the company maintains a $373.2 million cash position, its reliance on external financing to offset recurring negative free cash flow suggests significant long-term dilution risks for shareholders.
  • Investors should monitor the company's ability to scale its specialized fuel cell technology, as current revenue volatility and high capital intensity continue to erode the asset base.

Verdict Logic

which reached -36.3% in 2026Q2, combined with a history of persistent net losses, indicates a high risk of continued shareholder dilution.

FCEL Growth Metrics

FuelCell Energy, Inc. (FCEL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-0.31%
5 Years17.42%
3 Years6.62%
TTM29.71%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-57.74%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-91.27%

Return on Capital

10 Years-15.98%
5 Years-14.91%
3 Years-15.77%
Last Year-13.98%

FCEL Recent Earnings

FuelCell Energy, Inc. (FCEL) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 4/12 qtrs (33%)
Q3 2026Latest
Jun 8, 2026
Metric
Actual
Est
EPS
$0.53-2.0%
$0.52
Rev
$36M-12.0%
$40M
Q2 2026
Mar 9, 2026
Metric
Actual
Est
EPS
$0.52+23.5%
$0.68
Rev
$31M-27.6%
$42M
Q4 2025
Dec 18, 2025
Metric
Actual
Est
EPS
$0.83+14.4%
$0.97
Rev
$55M+15.5%
$48M
Q4 2025
Sep 9, 2025
Metric
Actual
Est
EPS
$0.95+40.3%
$1.59
Rev
$47M-1.4%
$47M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026LatestJun 8, 2026
$0.53vs $0.52-2.0%
$36Mvs $40M-12.0%
Q2 2026Mar 9, 2026
$0.52vs $0.68+23.5%
$31Mvs $42M-27.6%
Q4 2025Dec 18, 2025
$0.83vs $0.97+14.4%
$55Mvs $48M+15.5%
Q4 2025Sep 9, 2025
$0.95vs $1.59+40.3%
$47Mvs $47M-1.4%
Based on last 12 quarters of dataView full earnings history →

Latest FCEL News

Recent stock market news and headlines for FuelCell Energy, Inc. (FCEL)

The Motley Fool·2 days ago
3 Under-the-Radar AI Energy Stocks to Buy Right Now

Ford Motor Company is repurposing its manufacturing facility to produce battery energy storage systems. FuelCell Energy notes that 90% of its growing sales pipeline is related to data centers.

MarketBeat·3 days ago
These Stocks Could Win as Wall Street Looks Beyond AI Software

The first half of the trading year typically operates on a dominant market narrative. Over the past six months, that narrative has favored massive artificial intelligence (AI) and compute infrastructure rallies.

Seeking Alpha·6 days ago
FuelCell Energy: Data-Center Power Makes The Risk Worth Taking

I recommend a buy rating for FuelCell Energy (FCEL) due to its emerging data-center power demand and standardized product offering. FCEL's 12.5 MW standardized Energy Block targets rapid, repeatable deployments, with a proposal pipeline exceeding 5 GW—90% tied to data centers. The Fit Energy agreement secures an initial 30 MW tranche, validating FCEL's data-center strategy and supporting a 380 MW framework.

Benzinga·6 days ago
FuelCell Energy Stock Is on a Tear — Here's What Powered a 67% Weekly Rally

FuelCell Energy Inc. (NASDAQ:FCEL) shares are trading approximately 4% higher Wednesday, adding to gains of roughly 67% over the past week. Here's what investors need to know.

Zacks Investment Research·6 days ago
FuelCell Energy Lands $49M EXIM Funding to Boost Global Growth

FCEL secures $49 million in EXIM financing to expand clean energy exports, strengthen U.S. manufacturing and support global growth initiatives.

Peers Comparison

Key metrics vs top competitors for FuelCell Energy, Inc. (FCEL)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FCEL logoFCELFuelCell Energy, Inc.Current
$29.73$1.58B-4.0141.05%-118.8%-25.76%0.42%
PLUG logoPLUGPlug Power Inc.
$2.64$3.03B-1.8712.9%-227.13%-133.36%—
BE logoBEBloom Energy Corporation
$295.05$70.93B-797.4337.33%0.25%0.79%—
BLDP logoBLDPBallard Power Systems Inc.
$3.46$1.04B-11.5345.04%-78.6%-13.49%—
CLNE logoCLNEClean Energy Fuels Corp.
$2.13$469.08M-2.112.56%-22.65%-17.17%—
ITRI logoITRIItron, Inc.
$86.74$3.84B13.32-3.02%12.32%17.22%—

Compare FCEL vs Peers

FuelCell Energy, Inc. (FCEL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PLUG

Most directly comparable listed peer for FCEL.

Scale Benchmark

vs LIN

Larger-name benchmark to compare FCEL against a more recognizable public peer.

Peer Set

Compare Top 5

vs PLUG, BE, BLDP, CLNE

FCEL SEC Filings & Documents

FuelCell Energy, Inc. (FCEL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 8, 2026·SEC

Material company update

May 21, 2026·SEC

Material company update

Apr 6, 2026·SEC

10-K Annual Reports

2
FY 2025

Dec 18, 2025·SEC

FY 2024

Dec 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jun 8, 2026·SEC

FY 2026

Mar 9, 2026·SEC

FY 2025

Sep 9, 2025·SEC

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FCEL Frequently Asked Questions

FuelCell Energy, Inc. (FCEL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is FuelCell Energy, Inc.'s revenue?

FuelCell Energy, Inc. (FCEL) reported $167.9M in revenue for fiscal year 2025. This represents a 471% increase from $29.4M in 1996.

How fast is FuelCell Energy, Inc. growing?

FuelCell Energy, Inc. (FCEL) grew revenue by 41.0% over the past year. This is strong growth.

Is FCEL profitable?

FuelCell Energy, Inc. (FCEL) reported a net loss of $222.8M for fiscal year 2025.

Dividend & Returns
Does FCEL pay dividends?

Yes, FuelCell Energy, Inc. (FCEL) pays a dividend with a yield of 0.42%. This makes it attractive for income-focused investors.

What is FCEL's return on equity?

FuelCell Energy, Inc. (FCEL) has a return on equity (ROE) of -25.8%. Negative ROE indicates the company is unprofitable.

What is FuelCell Energy, Inc.'s free cash flow?

FuelCell Energy, Inc. (FCEL) had negative free cash flow of $123.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in FCEL back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →